Global drilling and well services expenditure is forecast to increase year-on-year and reach $213 billion by 2025, according to Westwood Energy’s latest market forecast. It predicts total expenditure of $950 billion over the forecast period. Global spend will be driven by onshore activity in the US, China, and Russia. Combined, they account for 62% of total forecast spend.
Latin American spend is anticipated to grow strongly, driven by continued offshore activity in Brazil and the emergence of Guyana’s oil and gas market. Petrobras is expected to drill more than 160 subsea wells between 2021 and 2025. High drilling and well services spend is also expected in the Middle East from a series of high-profile projects with high grade material requirements, such as Qatar Petroleum’s North Field expansion. Continued projects in Norway and the UK are expected to drive expenditure in Western Europe.
